Claim BonusChina Preparing “Crypto Comeback”, Says Tron Founder Justin Sun
Tron founder Justin Sun on Monday said China preparing a comeback to the crypto industry after crypto trading and mining crackdown in mid-2021. China has taken a big step towards cryptocurrency regulation with the implementation of a tax on crypto transactions. Justin Sun remains confident about Tron’s acceptance in China eventually.
Tron Founder Justin Sun Sees China’s Comeback to Crypto
Justin Sun in a series of tweets on January 30 said China signals a return to the crypto industry with the implementation of a tax on crypto transactions. He believes it’s a big step toward cryptocurrency regulation amid increasing crypto adoption in the country despite a crypto crackdown in mid-2021.
China’s local tax authorities have begun to impose a 20% tax on crypto. Justin Sun asserts tax on crypto transactions clearly indicates the Chinese government’s view of cryptocurrencies as a legitimate form of wealth and wants to ensure its proper taxation.
The tax policy will boost crypto adoption in the country. Moreover, it will provide a clear regulatory framework for people and businesses. China is expected to further regulate the crypto industry to “provide further legitimacy and stability.”
“The crypto tax in China is a positive development for the global cryptocurrency market and may set a precedent for other countries to follow.”
Justin Sun Plans Moving to Hong Kong
Justin Sun is moving to Hong Kong as he believes the Chinese crypto market is on the rise. Experts predict that China will dominate the next crypto bull market amid Hong Kong’s crypto hub plans. He believes Tron and Huobi Global will lead crypto in Hong Kong development.
Furthermore, he believes Tron (TRX) will be accepted in China eventually, as most Chinese people are using TRX anyway.
Also Read: Binance Burns Over 16 Million BNB Tokens
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Germany’s DZ Bank Gets MiCAR Approval to Offer Institutional Bitcoin, Cardano Trading
- CLARITY Act Enters Critical Phase as Senate Committee Sets January 27 Markup
- Senator Warren Tells OCC to Stop World Liberty Bank Review Amid Trump Ties
- Bitcoin Rises to $94k as Trump Signals Alternatives Ahead of Supreme Court Tariffs Ruling
- Rick Rieder’s Fed Chair Odds Rise as BlackRock CIO Calls for Rates to Fall to 3%
- Standard Chartered Predicts Ethereum Price could reach $40,000 by 2030
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
- Why Is MSTR Stock Price Down Despite Recent Bitcoin Purchase
- Pi Coin Price Prediction: How Mainnet Migration and New Tokens Supply Could Affect Pi Network?
- Crypto Stocks To Watch: MSTR, Metaplanet, and S&P 500 price
- Solana Price Targets $200 as WisdomTree Declares Its Dominance Structural
